China, which has about 33% of the world’s resources of rare earths, produces at least 90% of the supply available for manufacturing. Chinese Foreign Ministry spokesman Liu Weimin was cited as saying that China’s policy regarding rare earths complies with WTO rules.

After a summit meeting with Asia-Pacific leaders in Hawaii on Sunday, Obama said that China must do more, and more quickly, to allow the yuan to rise in value, because other countries feel “enough’s enough.”

As Greece nears default and Italy struggles to keep from losing control over its own debt problems, the latter has been engaged in talks with China over the possibility of asset sales to the Asian nation.